Dragon Capital Vietfund Management (DCVFM) | Fund Factsheet

1800 1203

VFMVFB – 01/2017


Happy New Year to all of our investor, the year of the Rooster! We wish you a new year full of health and prosperity.

The stable liquidity on interbank market has made government bond yields of all maturity to decline, the 5-year bond yield (which was the most traded on the market) at January 25th 2017 is 31 basis point lower than its value at the end of December 2016. VFMVFB has invested in the 5-year bond in January 4th 2017 and achieved an outstanding performance for the first month of the year. The Fund’s Net Asset Value per Share (NAVPS) reached VND 13,975.9 as of January 31st 2017, a 1.13% increase compared to December 31st 2016. This return mostly resulted from the capital gain of the invested bond. VFB’s NAVPS has increased by 10.38% compared to January 31st 2016. The Fund’s portfolio as of January 31st 2017 consists of Government bonds (50%), Certificate of Deposits (25%), and Cash at bank equivalent to 20% of the fund’s Net Asset Value. As of February 2nd 2017, the total return index of 3-year bond (HNX TRI 3Y) published by Hanoi Stock Exchange has a year-to-day return of 1.17%, which is similar to the return in the same period of VFMVFB. For this reporting period, the comparison with internal benchmark will be conducted at February 2nd 2017 instead of January 31st due to the lack of data on this day (which falls within the public holiday of Luna New Year).

The Fund will continue to invest in Government Bonds in the subsequent months as well as to seek for a higher allocation to Certificate of Deposits. During the period of strong liquidity on interbank market, maintaining the investment in Government Bonds will improve the returns of the Fund